Unlike virtual reality (VR), the AR Magic Leap headsets project digital 3D objects on top of the real world.
The new headset is intended primarily for business use and has, the firm says, a wider field of view.
Magic Leap has faced criticism for the time it has taken to develop working prototypes and products.
This week's $2bn valuation and $500m of fresh investment is almost exactly the same as a funding round in 2014 which also valued the company at $2bn, as highlighted by tech news site TechCrunch.
The site notes the company has attracted in total $3.5bn in funding since it was founded in 2010 - and wrote: "It seems investors are still addicted to giving them money."
The company's first headset sales did not begin until 2018, more than three years after the Florida firm released a teaser video of the product.